Fidelity MSCI Consumer Discretionary ETF Enters Oversold Territory

On Thursday, shares of the Fidelity MSCI Consumer Discretionary Index ETF (Symbol: FDIS) dropped into oversold territory, trading as low as $91.8224 per share. This oversold condition is identified using the Relative Strength Index (RSI), a technical analysis tool that assesses momentum on a 0 to 100 scale. A stock is classified as oversold when the RSI reading dips below 30.

The current RSI reading for the Fidelity MSCI Consumer Discretionary Index stands at 29.4, in contrast to the S&P 500’s RSI of 40.4. For bullish investors, this 29.4 RSI value may indicate that the recent wave of selling is nearing exhaustion, prompting consideration of potential buying opportunities.

Analyzing the one-year performance chart, the low point for FDIS within its 52-week range is $73.19 per share, while the high point is $104.41. The last trade settled at $91.77, reflecting a decrease of about 1.5% for the day.

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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.